Kingspan profit underpinned by UK and US markets

Irish building materials company Kingspan reported a rise in 2015 profit and revenue as it hiked its dividend for the year following a strong performance from its insulated panels business.

For the year ended 31 December, pre-tax profit rose to €232m (£182m) from €127.5m the previous year, on revenue of €2.77bn, up 47%.

Trading profit for the year advanced 72% to €256m, with acquisitions contributing 35%.

Basic earnings per share for the year came in at 106.7 cents versus 62.6 cents in 2014.

The company declared a final dividend of 17 cents per share, taking the total dividend for the year to 25 cents, which is a 54% increase from the previous year.

Chief executive Gene Murtagh said: “We are delighted to report a record performance for the group in 2015 and a strong start to 2016.

“The two major acquisitions completed last year have performed ahead of our expectations, with Joris Ide and Vicwest significantly expanding our presence in Continental Europe and North America respectively.”

Kingspan noted a strong performance in the larger core markets of the UK and the US, with a relatively stable performance in Europe.

The company’s insulated panels business in the UK had its strongest year since 2007, while the North American market continued on its path of penetration growth and Europe was somewhat tougher.

The insulation boards unit experienced a strong year in the UK and US, as well as the Middle East, although Europe was again tougher, Kingspan said.

At 1000 GMT, Kingspan shares were up 0.6% to €23.63.